Process and paperwork
Statement of adjustments
Your lawyer's closing summary showing what you owe on possession day and what each line is for.
The statement of adjustments is the final accounting for a purchase. It starts with the purchase price, credits your deposit and your mortgage proceeds, and then adds and subtracts the adjustments: property taxes the seller has prepaid or left unpaid, utility and condo fee proration, Land Titles registration fees, and legal fees and disbursements.
The final figure is the cash you need to have with your lawyer before possession. It's different from your down payment, and it's the number that surprises people most.
Ask for a draft as early as your lawyer can prepare one, usually a week before closing. Errors on adjustments happen, like a tax instalment credited to the wrong party or a condo fee prorated to the wrong date, and they're much easier to fix before closing than after.
In Alberta, the registration fee lines on this statement are Land Titles fees. There's no land transfer tax on it.
Related terms
Closing costs
The cash you need on possession day on top of the down payment, including legal fees, registration fees, adjustments, insurance and inspections.
Possession date
The day the property legally becomes yours and the mortgage funds, usually at noon on the agreed date in Alberta.
Land Titles registration fee
Alberta's registration charge in place of a land transfer tax: $50 plus $5 per $5,000 of value, on both the transfer and the mortgage.
This definition describes how the term is used in Canadian residential mortgage lending. It’s general information, not advice on your file. Rules, thresholds and rates change. Where a figure is quoted, it’s current as of the date shown on the related guide.
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